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AI# 10469
Regular City Council Meeting
8.13.
03/22/2022:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution approving a Landowner Agreement and Notice of Assessments between the City of Lubbock, NWP EB-5 Project, LLC., Lincoln Frankford Group, LLC., and Lincoln 16 Affordable Storage, LLC., related to land located within the Northwest Passage Public Improvement District (PID).
Item Summary
Following a public hearing at a Regular City Council meeting on September 14, 2021, the City Council approved the Creation Resolution establishing the Northwest Passage Public Improvement District (PID). The creation resolution was recorded with the Lubbock County Clerk's office on September 21, 2021.
Following a public hearing and first reading of the Assessment Ordinance, the City Council will consider a Landowner Agreement between the City of Lubbock, and NWP EB-5, LLC, Lincoln Frankford Group, LLC, and Lincoln 16 Affordable Storage, LLC. The purpose of this agreement is to express acknowledgement of the following:
The District was created, in part, to undertake and finance the construction and acquisition of certain improvements provided and identified in the Service and Assessment Plan;
The Service and Assessment Plan identified the amount of certain assessments on parcels within the District;
The Assessment Ordinance levied the assessments against certain parcels within the boundaries of the District to finance the Authorized Improvements.
Fiscal Impact
None
Staff/Board Recommending
Blu Kostelich, Chief Financial Officer
Attachments
Resolution
Landowner Agreement
Exhibit A
Exhibit B
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